A survey showed that India’s service sector activity continued to grow at a robust pace last time, supported by a strong recovery in domestic demand. Still, elevated price pressure remained a significant concern.
The SPM Index:
The Services Purchasing Manager’s Index, compiled by IHS Markit, eased to 58.1 in November from 58.4 in October. Still, last time’s growth rate stood second in over a decade and well above the 50-mark separating growth from contraction for a fourth straight month. Prime Minister Narendra Modi on Friday inaugurated a conference on the financial system that will have business leaders and policymakers in attendance.
Indian’s have shown immense monetary support in the financial system. The sector’s responsibility is to respect them, said Narendra Modi as his government prepares to the table before Parliament passes a bill that will regulate digital currencies. India reported its first two cases of the Omicron coronavirus variant this Thursday.
Still, the government said it had no immediate plan to authorize booster vaccine shots despite demands from lawmakers.
ED’s Role:
The Enforcement Directorate (ED) has arrested a CA for helping an accused to launder Rs.1100 crore to Hong Kong by sending outward foreign remittances from Mumbai port through the banks, using the forged airway bills and fabricated cloud CCTV storage rental charges.
The Enforcement Directorate (ED) has conducted a money-laundering investigation against several Chinese controlled sectors in connection with CA Ravi Kumar, including Linkyun Technology Private Limited (LTPL) and Dokpay Technology Private Limited.
Thereby frauded lakhs of gullible online money users through illegal gaming and streaming applications. The banking companies also collected thousands of crores via online payment gateways. They then allegedly laundered the money using various modus operandi, including hawala payments to hair merchants, purchase of cryptocurrency and illegal remittances to Singapore.
“During the time period of an ongoing fund trail investigation, Enforcement Directorate (ED) came across the new mentioned modus operandi as present of using fake mentioned airway bills and fake cloud rental bills to send the bogus foreign to the outward remittances from across multiple bank accounts.
It was moreover disclosed to Hyderabad police and based on the information of the Enforcement Directorate a new FIR on the September 9, 2021, was registered by the police,” said many of the officials.
The FIR:
Based on the FIR, the Enforcement Directorate (ED) initiated an investigation and found that CA Ravi Kumar had allegedly issued 621 bogus certificates. He also signed the balance sheet of shell sectors without doing any more of the due diligence and without verifying the genuineness of the import documents, which enabled them to launder the proceeds of crime to Hong Kong.
“He failed in his statutory duty and associated the accused persons and then charged Rs 1500 per bogus to the certificate and thus got involved in the offence of money laundering for personal gain. The proprietors of the shell firms are then made to absconding,” officials said.
CA Ravi Kumar was also arrested and produced before the court in Hyderabad. He also has been sent to Enforcement Directorate (ED) court and custody till December 9, 2021,” they added. Sanjay Aggarwal.
Pune Amby Valley:
The Enforcement Directorate (ED) has arrested a man who has been allegedly involved in smuggling and diversion of the duty-free fold. He was nabbed while attending a party in Pune. The Enforcement Directorate (ED) has arrested an alleged gold smuggler, who has been absconding for the last six months, officials said.
He was then allegedly involved in the smuggling and diversion of duty-free gold was nabbed from Pune’s Amby Valley City while attending a function? The accused also had been made the run for more than six months, and the court issued a non-bailable warrant against him in April this year.
His anticipatory bail was the application rejected by the Calcutta High Court earlier this month.
